Thank you for your new question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
The value of assuming the individual mortgages to the houses each of you live in would be that in case of default of the party who assumes the mortgage, the other party would no longer be liable. If you cannot get the other spouse off of the mortgage, regardless of which party is living in the house if there is a default then the other spouse can still be sued for the foreclosure (while AZ is a non-recourse state, meaning they can foreclose but not sue for any deficiency judgment, in Louisiana they can sue for deficiency judgments if they foreclose on that house in LA and the foreclosure sale does not cover the amount due on the loan). Additionally, once you are each removed from the other's mortgage, these mortgages no longer appear on your credit reports.
I truly aim to please you as a customer, but please keep in mind that I do not know what you already know or don't know, or with what you need help, unless you tell me. Please consider that I am answering the question or question that is posed in your posting based upon my reading of your post and sometimes misunderstandings can occur. If I did not answer the question you thought you were asking, please respond with the specific question you wanted answered.
Kindly remember the ONLY WAY experts receive any credit at all for spending time with customers is if you click on OK, GOOD or EXCELLENT SERVICE even though you have made a deposit or are a subscription customer. YOU MUST COMPLETE THE RATING FOR THE EXPERT TO RECEIVE ANY CREDIT, if not the site keeps your money on deposit.
Also remember, sometimes the law does not support what we want it to support, but that is not the fault of the person answering the question, so please be courteous.
This is NOT the practice of law nor is it legal advice to you, it is merely educational information for you to use to seek out a licensed attorney in your state to get actual legal advice from them. Please use sites such as http://www.martindale.com or http://www.lexmundi.com or http://www.hg.org to find a local attorney to get actual legal advice in all matters.